Raising Start Up Funds Dubuque IA

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Raising Start Up Funds

Find the Right Combination for Your Needs and Existing Resources By Nora Caley

You’ll have to present your business plan and answer questions about your projected revenues, the potential risks, and other details.

If you need start-up funds for your home business, you can shop for a loan, investment, and other sources of capital on the Internet. You can find many sources of funding online, and not have to go anywhere to fill out paper forms. You probably will not find one source that will supply all the funding you need, so put together a package of resources. First, figure out how much you need. Write a list of expenses, ranging from the smallest office supply to your salary. Be specific and remember that things often cost more than you might hope. Also, write a business plan.

Banks It’s difficult for start-ups to get a business loan, because banks won’t loan you money based solely on your good idea. The lender needs collateral, and it also wants to see records of your business’s past revenues. If you are buying a franchise, banks are more likely to loan you money than if you are an independent company because the franchisor has a history of revenues. Visit several banks’ web sites and click on the Small Business tab to get information on loans and other services. To apply, you will need your business tax returns, bank statements, and other documents.

If you cannot get a business loan, consider using a home equity loan or line of credit. This is a risky source of financing because you use your home as collateral. Another option is to apply for a secured loan that uses your current checking or savings account as the collateral. There are also unsecured loans that have higher interest rates. If you do an online search for unsecured loans, many of the offers are from consulting firms or brokers, not banks. Read all the fine print because there are loan fees, high interest rates, and credit checks.

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Credit Cards You can use your credit card for cash advances, but those can get costly with the fees and interest. Apply for some business credit cards, and use them to buy equipment, pay your taxes, and also get discounts and rewards points.

Visa and American Express offer business lines of credit. You can withdraw money from the line when you need to pay a bill or buy something. There are certain limitations. For example, with American Express, your business has to be at least two years old. You don’t need to be a cardholder, but it is recommended.

SBA The U.S. Small Business Administration (SBA) has a new loan program called Patriot Express, for veterans, military members, their spouses, and others. Loans are available up to $500,000. Check with your local SBA office or web site to find a list of banks where you can apply.

SBA still has its other loan programs, such as the 7(a) Loan Guarantee Program that provides loans through banks. There’s also the Microloan program, for loans up to $35,000. For those loans, t...

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